MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO

Transcription

1 MUNICIPAL EMPLOYEES ANNUITY AND BENEFIT FUND OF CHICAGO I. OVERVIEW Request for Proposal: Full-Service Investment Consulting January 19, 2018 The Municipal Employees Annuity and Benefit Fund of Chicago (the Fund or MEABF ) hereby issues a request for proposals ( RFP ) from qualified institutions (acting in the capacity of a fiduciary to the Fund) that provide Investment Consulting Services to serve as the Fund s General Consultant. A firm submitting a proposal shall be referred to as a Respondent or Firm throughout this RFP. Any contract awarded as a result of this process will be for a period of five (5) years or such lesser period of time as determined by the Fund and consistent with applicable law. All forms needed for submitting a response to this RFP are available on the Procurement section of the Fund s website at: Respondents to this RFP are responsible for monitoring the Fund s website for information pertaining to the RFP while the RFP is outstanding. II. Background Information The MEABF is a defined benefit, single employer benefit plan that was established in 1921 by an act of the Illinois General Assembly to provide disability and retirement benefits to qualified employees of the City of Chicago and the Chicago Board of Education. The sole purpose of the Fund is to pay benefits to its members, which are funded through a combination of member contributions, taxes levied by the City of Chicago, and investment earnings. The MEABF is a component unit of the City of Chicago, and as such, is included in the City of Chicago s financial statements as a pension trust fund. The MEABF s net assets total approximately $4.3 billion as of the date of this RFP. The Fund utilizes external investment managers and is diversified across multiple asset classes. More information regarding MEABF can be found by reviewing the Illinois Pension Code (40 ILCS 5/ Article 8) and MEABF s website at: Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 1

2 It is the public policy of the State of Illinois to encourage the Fund s Board of Trustees (the Board ) to increase the racial, ethnic, and gender diversity of its fiduciaries to the greatest extent feasible within the bounds of financial and fiduciary prudence. In furtherance of the Illinois public policy and the requirements of the Illinois Pension Code, it is the goal of the Board to use its best efforts to increase the racial, ethnic, and gender diversity of its fiduciaries, including its consultants and external investment managers (40 ILCS 5/ ). MEABF s current asset allocation, as of December 31, 2017, is as follows: Target Actual Fixed Income: Broad Fixed Income 17.0% 13.9% High Yield 5.0% 5.7% Senior Secured Loans 5.0% 4.7% Cash and Short Term 0.0% 1.3% Total Fixed Income 27.0% 25.6% U.S. Equity: Large-Cap 16.0% 14.7% Mid-Cap Growth 5.0% 6.5% Small-Cap Value 5.0% 6.0% Total U.S. Equity 26.0% 27.2 % Non-U.S. Equity: Developed Market Large-Cap 12.0% 12.8% Non-U.S. Small-Cap 5.0% 5.4% Emerging Market 5.0% 4.2% Total Non-U.S. Equity 22.0% 22.4% Hedge Funds: Long/Short Hedged Equity 5.0% 7.5% Defensive Equity 5.0% 2.4% Total Hedge Funds 10.0% 9.9% Private Equity: Mezzanine 2.0% 2.8% FoF 3.0% 2.1% Total Private Equity 5.0% 4.9% Real Estate: Core 10.0% 10.0% Total Real Estate 10.0% 10.0% Total Portfolio 100.0% 100.0% Please review the Fund s Investment Policy Statement included on its website for more information regarding the Fund s investment portfolio. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 2

3 III. RFP TIMELINE 1. Date of Issue: January 19, Deadline to Submit Written Questions: February 2, 2018, 3:00PM CST 3. Q&A Document Posted: February 8, Final Responses Due: February 16, 2018, 3:00PM CST 5. Potential Interviews: TBD 6. Finalist Notified By: TBD ***The timeline is subject to change. Any changes to the timeline will be communicated to all known Respondents and posted on the Fund s website.*** IV. MEABF RFP PROCEDURES The Fund shall conduct the RFP process in accordance with applicable provisions of the Illinois Pension Code, the Fund s Ethics Policy and any other relevant authority under the Illinois Compiled Statutes. The Fund will post notice of this RFP on its website and at least one industry periodical. Neither this RFP nor any response to this RFP should be construed as a legal offer. All interested Respondents must submit their responses in accordance with the proposal submission instructions below. The MEABF reserves the right to reject any or all proposals submitted. All material submitted in response to the RFP will become the property of the Fund. The MEABF is not responsible for any costs incurred by the Respondents in responding to this RFP. If it becomes necessary to revise any part of the RFP, or if additional information is necessary for a clarification of provisions within this RFP, prior to the due date for proposals, a supplement will be provided to all known Respondents and posted on the Fund s website. If a supplement is necessary, the Fund may extend the due date to accommodate any additional requirements. Respondents are advised that proposal materials are subject to the Illinois Freedom of Information Act (5 ILCS 140). After completion of the RFP, selection by the Fund and successful negotiation of a contract, if any, proposals submitted may be viewed and copied by any member of the public, including news agencies and competitors. Respondents claiming a statutory exception from the Illinois Freedom of Information Act for information within the Respondents proposals must identify relevant language as confidential, and identify in the transmission of the proposal whether confidential information is included. Further, each page of confidential documentation must be labeled as such. The Respondent must also specify which statutory exemption applies for each piece of confidential information. Any claim of privilege or confidentiality from disclosure is not definitive and MEABF has the right and legal obligation to determine whether such information is exempt from disclosure under the Illinois Freedom of Information Act. The Freedom of Information Act can be found at the Illinois General Assembly s website ( If the MEABF disagrees with a Respondent s confidential designation, it may either reject the proposal or discuss its interpretation of the exemptions with the Respondent. If agreement can be reached, the proposal will be considered. If agreement cannot be reached, the MEABF will remove the proposal from consideration. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 3

4 Following the deadline for submissions, the Fund s staff shall open the responses and review each for content, quality and compliance with the RFP s requirements. Following the review, the field of candidates will be narrowed to a smaller list of the most qualified Respondents. The Fund s staff reserves the right to meet with representatives of each Respondent to obtain an independent assessment of the Respondent s capabilities and the Fund reserves the right to conduct background investigations of selected individuals or firms prior to awarding a contract under this RFP. Following the comprehensive review process, the Fund s staff shall prepare a recommendation to the Fund s Board. The finalists may be asked to appear before the Board to present the Firms qualifications. The Board shall accept or modify the recommendation and make the final selection, if satisfied with the Respondents capabilities. All ex parte communications relating to the procurement between the Fund s staff or Investment Consultant and interested parties, including Respondents, or non-interested parties, shall be prohibited until a contract is entered into and the RFP process is terminated. Furthermore, any communication related to this RFP between a Respondent and any member of the Board is prohibited until a contract is entered into and the RFP process is terminated (the Quiet Period ). Notwithstanding the prior sentences, the Fund s staff and Investment Consultant may communicate with a particular Respondent for the purpose of gaining clarification regarding information provided in response to this RFP. Additionally, the Fund s staff and Investment Consultant may communicate with Respondent for the purpose of existing, normal business matters involving a Respondent and the Fund. Subject to 40 ILCS 5/1-145 of the Illinois Pension Code, no Respondent shall retain a person or entity to influence (i) the outcome of an investment decision or (ii) the procurement of investment advice or services of the Fund for compensation contingent, in whole or in part, upon the decision or procurement. V. PROPOSAL SUBMISSION The Fund s staff shall oversee the RFP process. If the Firm is interested in submitting a proposal, it must submit an electronic copy of the complete proposal by 3:00 PM, CST, February 16, 2018 to searches@meabf.org. SEARCH CONTACT: MEABF Search Contact searches@meabf.org Procedural and substantive questions concerning the RFP must be submitted in writing via to the Search Contact by 3:00 PM, CST, February 2, Responses to questions properly submitted will be consolidated in a single Q&A document and posted on the Fund s website on or about February 8, The Q&A document will not identify the source of the query. PLEASE NOTE: Respondents WILL NOT receive individualized responses from the Search Contact, in response to questions submitted. Respondents must review the Q&A document posted on the Fund s website to receive answers to all questions submitted. If the Fund s staff has questions regarding how to interpret a Respondent s proposal, the Fund s staff is authorized to request additional information from that Respondent. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 4

5 ANY PROPOSAL THAT IS EITHER INCOMPLETE OR RECEIVED AFTER THE DUE DATE AND TIME WILL NOT BE CONSIDERED. PROPOSALS MUST CONTAIN THE FOLLOWING DOCUMENTS: 1. Transmittal Letter. A transmittal letter must be submitted on the Respondent s official business letterhead. The letter must identify all documents provided in response to the RFP, and must be signed by an individual authorized to bind the Respondent contractually. An unsigned proposal shall be rejected. The letter must also contain the following: A. Statement that the proposal is being made without fraud or collusion; that the Respondent has not offered/received any finder s fees, inducements or any other form of remuneration, monetary or non-monetary, to/from any individual or entity relating to the RFP, the Respondent s proposal or the Fund s selection. B. An acknowledgement by the Respondent that the proposal is a firm and irrevocable offer good for one (1) year from the date of the proposal. C. Statement that discloses any current business relationship or any current negotiations for prospective business with the Fund, the Fund s Executive Director, the Fund s Investment Staff, Fund s Legal Counsel, or any member of the Board. D. Statement that the Respondent is willing and able to perform the services described in the Scope of Services section of this RFP E. Statement that the Respondent has available the staff and other resources required to perform all services required by the RFP and to provide all required deliverables within the specified time frame F. Statement that the Respondent meets the minimum qualifications as specified in Section V of this RFP document. G. Statement that the Respondent agrees in substance to the terms found in Exhibit A: Proposed Form of Agreement. Please note that the resulting Agreement with the MEABF may include certain revisions to Exhibit A. H. The name, title or position, addresses, and telephone number of the individual signing the transmittal letter on behalf of the Respondent. I. Proposed Fee Schedule 2. Questionnaire. The Respondent must address the questionnaire items in the RFP in the order in which they appear in the RFP. Further, each question number and question in the RFP shall be repeated in its entirety before stating the answer. Any supporting documentation requested in the Questionnaire must be provided. 3. Contractual Standard and Disclosure Certification. The certification must be submitted on the Respondent s official business letterhead. The Respondent must respond to all questions in the order listed in the certification. The certification must be signed by an individual authorized to legally bind the Respondent. 4. Employee Diversity Table. The Respondent must complete and submit the Employee Diversity Table that is posted along with this RFP. Please note that it is unacceptable for a Respondent to answer Not Applicable or Respondent does not track such information in response to the required disclosures provided in the Employee Diversity Table. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 5

6 VI. MINIMUM QUALIFICATIONS Any Respondent submitting a response to this RFP must meet the following minimum qualifications: 1. Respondent must be registered as an investment advisor under the Investment Advisor s Act of 1940 and must maintain such registration at all times during the term of the contract; 2. Respondent and its employees must have and maintain for the life of any contract all authorizations, permits, licenses and certifications required by federal and state law to perform the services specified in this RFP; 3. Respondent must acknowledge in writing that the Firm will be a fiduciary (as defined in Illinois Compiled Statutes Chapter 40 Act 5 Article 1 Section 101.2) to the MEABF on behalf of the membership of the MEABF with regard to the services that they will provide; 4. Respondent must review MEABF s Investment Policy Document, which includes the Board s Investment Manager Selection and Appointment Policy, Utilization of Emerging Investment Advisers Policy, and Utilization of Women, Minority, or Designated as Disabled-Owned Brokerage Firms Policy found on the Fund s website at and agree to provide consulting services in furtherance of these policies; 5. Respondent must have at least five (5) years of experience providing investment consulting services; and 6. Respondent must provide investment consulting services to at least three (3) comparable institutional investor clients. VII. SCOPE OF SERVICES The Investment Consultant will dynamically engage with the MEABF investment staff and MEABF s Board in an active, customized oversight of assets in accordance with the Illinois Pension Code, including but not limited to: asset allocation and asset/liability modeling, long-term and current capital market assumptions and economic environment analysis, manager review selection and monitoring, and public and alternative asset class research and review. The MEABF s Board requires that Respondents, among other assigned tasks: Strategic General Consulting 1. Assist in the development, review and modification of the Fund s investment policies, goals and objectives, guidelines, allocation targets, and strategies while taking into consideration the market environment, MEABF s financial situation and the Board s risk tolerance. 2. Maintain a broad database of established and emerging investment managers that includes firm characteristics, investment philosophies, products offered, performance and attribution record, fee schedules, and client base. The database shall include not only managers providing traditional investment products, but also non-traditional/alternative investment products. 3. Attend monthly meetings of the Board, designated Investment meetings, and any additional special meeting called by the Board to make presentations, make recommendations and answer questions regarding the portfolio and related matters. 4. Attend investment manager meetings with the MEABF s staff to provide input, provide written/oral professional advice as requested and answer questions regarding the portfolio and related matters. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 6

7 5. Assist in monitoring and reviewing investment managers; provide written/oral professional advice as requested related to watchlist status and termination. 6. Assist in preparation of the monthly Board meeting and designated Investment meetings report and agenda. 7. Research and provide written/oral professional advice as requested to the Board and the Fund s staff regarding investment-related services including, but not limited to, custody, securities lending, foreign exchange and transition management. 8. Support the Board and the MEABF s staff in providing written and oral responses to government agencies, legislative committees, auditors, etc. 9. Assist with drafting RFPs for managers, vendors, etc. 10. Provide assistance on special projects upon request and other services as may be required by the Fund. Asset Allocation 11. Assist in the production of asset/liability modeling periodically as requested by the Board. 12. Continually evaluate asset allocation and recommend changes as needed including but not limited to rebalancing activities and transition of assets. 13. Develop benchmarks against which asset allocation can be evaluated. 14. Identify asset classes or sub-asset classes that warrant active management and provide supporting analysis. 15. Provide recommendations for manager structure within each asset class and sub-asset class. 16. Keep abreast of industry-wide best practices relating to asset allocation; provide alternatives to traditional optimization construction (e.g. factor-based allocation). Search and Selection of Investment Managers and Other Service Providers (including but not limited to Custodians, Securities Lending Agents, Transition Managers, etc.), (collectively Service Providers ) 17. Conduct searches for Providers necessary to meet the goals and objectives of the Board. 18. Assist in the hiring of Providers and the negotiation of fees. 19. Provide access to the Respondent s database of Service Providers. 20. Develop a proactive and structured search process that meets the approval of the Board and MEABF s Staff. 21. Conduct due diligence (review guidelines, goals and objectives, benchmark appropriateness) regarding Service Providers and discuss/review/provide professional advice to the qualifications of each with the Board and the MEABF s staff. 22. Interview potential Service Providers. Performance Reporting and Analytics 23. Prepare monthly, quarterly, and annual reports, which: a. provide an executive summary and capital markets overview b. provide comparative review of manager/composite performance to that of appropriate benchmarks and institutional investor peer universes; and c. provide statistical and risk analysis at both the manager and portfolio levels and holding-based attribution. 24. Prepare weekly market updates that will be utilized by the Board and the Fund s staff. 25. Provide the MEABF s staff with custom analytics and reporting as needed. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 7

8 26. Meet with MEABF s Staff regularly and be available to review the investment portfolio as needed. Update Staff regarding the current market environment and new issues while providing professional advice, if necessary, of improvements to the portfolio. Research and Analysis 27. Prepare comprehensive analysis and advice on specific investment themes and market environment as requested by the Board or the MEABF s staff. 28. Maintain a general research group within the organization that the MEABF s staff can access to assist scale research projects. 29. Provide comments and analysis on proposed federal and state legislation affecting the Board's portfolio. Training 30. Provide training to the Board and the MEABF s staff on investment themes and market environment as requested. VIII. QUESTIONNAIRE General Information 1. Identify the location of the Firm s main office and, if different, the office from which services would be provided to the MEABF. Does the Firm have an office located in Chicago, Illinois? If so, please provide its function and number of employees at the Chicago Office. 2. Provide a brief history of the Firm. 3. What is the ownership structure of the Firm? Please identify the owners, including percentage of ownership. Please disclose if ownership includes women and/or minorities. Please elaborate on any ownership or organizational changes that have occurred over the last three (3) years. Does the Firm anticipate any future ownership or organizational changes? 4. Is the Firm a certified Minority-, Female- or Person with Disability-owned business enterprise? If so, please provide certification. 5. Please provide the Firm s organizational chart. 6. Subject to the Illinois Pension Code (40 ILCS 5/ ), please provide a list of all services (e.g. Consulting, Asset Management, Research, Advisory, etc.) and business arrangements (e.g. referral fees) for which the Firm receives a fee and specify the percentage of Firm s revenue derived from that service or business arrangement. Please list any service or business arrangement for which the Firm receives non-fee-based compensation (e.g. in-kind compensation) of any kind. 7. Please identify the types of clients (e.g. Public Pension Plans, Corporate Pension Plans, Taft-Hartley Plans, Endowments, Foundations, etc.) to whom the Firm provides consulting services as of December 31, For each type of client, specify the number of clients that fall into that category and the total consulting assets under advisement. 8. Please identify clients gained and lost over the last five (5) years as of December 31, If retained by the Board, how should the Board evaluate the Firm s performance? What differentiates the Firm from its competition? 10. Please enclose a current SEC ADV Part I and II. 11. Provide three (3) client references, preferably consisting of public pension fund clients, for which the Firm provides the services described within this RFP. For each, how long has the consulting relationship been in place? Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 8

9 Consultant Team/Firm Staffing 12. List the Firm s key professionals and identify primary consultant(s), provide their title, biographies, the breakdown of their clients, and other duties assigned that would work directly or indirectly on the MEABF s account. Please describe any employee turnover related to key professional staff in the last five (5) years. 13. Please describe level of services that will be provided by the consultant team and list of services the MEABF s staff can expect. 14. Describe your firms compensation structure (bonuses, stipend, and other programs) available to your firm s professional staff. Please be detailed and specific. Asset Allocation Model & Risk 15. Describe the Firm s process for performing a comprehensive asset allocation and liability study. Provide a description of the Firm s asset allocation model which shall include, at a minimum: (1) basic theory behind the model, (2) the standard inputs into the model, and (3) whether it was purchased from an outside vendor or developed in-house. 16. Describe the Firm s philosophy for portfolio construction of a public pension plan. 17. Describe the Firm s policy regarding asset allocation. How do alternative assets classes play a role and do any of the Firm s current clients utilize alternative assets based on the Firm s recommendation? Does the Firm believe certain alternative asset classes are inappropriate for public pension plan clients? If so, please explain. 18. Provide the Firm s current return expectations with regard to different asset classes: US equities (large, mid, small), international equities (developed, emerging & frontier markets), fixed income, real estate, hedge funds and other alternative assets (buyouts, venture capital, corporate mezzanine, etc.). Please also provide expected standard deviations and correlation coefficients for each. 19. What is the Firm s view on market timing? Has the Firm recommended any tactical asset allocation strategies to its clients? 20. How many managers does the Firm believe a typical public pension plan client with $4 billion under management should employ? 21. What is the Firm s view on passive versus active mandates? Which active management mandates does the Firm believe has the ability, net of fees, to add value over time? 22. Describe the Firm s view and provide examples of risk budgeting, asset allocation decisions based on risk factors, and risk parity approach. Manager Review/Due Diligence 23. Describe the process the Firm follows when hired to evaluate a client s investment portfolio and review its existing managers. 24. Describe the Firm s ongoing manager due diligence process. Describe the Firm s procedures for placing managers on watch status or terminating managers. 25. How often are on-site visits conducted with the managers utilized by the Firm s clients? 26. Describe the Firm s views on performance-based fees (not including carried interest in hedge funds, private equity or real estate partnerships). Do any of the Firm s current clients utilize these types of fee arrangements? 27. Does the Firm have approved list of managers? How is this list constructed, and utilized when making recommendations to clients? Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 9

10 Research Capabilities 28. Describe the Firm s commitment to research and system enhancements. 29. Describe the structure and organization of the Firm s research department, including the number and experience of its analysts. 30. Describe how the Firm s research forms the basis of its investment consulting advice and how the advice is implemented across client accounts. 31. Explain the Firm s methods for evaluating new traditional and alternative asset managers, including systems for collecting and analyzing manager data, processes for screening managers, due diligence procedures, processes for scoring and recommending managers. 32. Describe the Firm s ability to identify new and innovative strategies/research in the market and how these new findings are shared and implemented with the client s portfolio. 33. Describe a new or unique strategy that your firm has recently presented to clients. Describe how it was introduced to clients. 34. Does the Firm regularly produce research papers that are shared with the clients? 35. What differentiates your approach to manager research? 36. What differentiates your approach to capital markets research? Reporting/Analytics 37. Please provide sample performance reports (quarterly, monthly, ad hoc, etc.) prepared for the Firm s public pension plan clients. Please discuss the Firm s willingness to customize the reporting package. 38. Please discuss timing of reliable performance data and report availability. 39. Provide an example of a manager search analysis report that would be distributed to the Board for a manager(s) search. 40. Please explain the make-up of the Firm s peer performance database. Include the number of plans included and the Firm s database. 41. Describe how the Firm will obtain MEABF s data from its master custodian and investment advisors. And explain the Firm s procedure for reconciliation process with the client s master custodian. 42. Does the Firm provide its clients online reporting capabilities and describe your firm s process for reviewing the accuracy of reports prior to client distributions. 43. Does your firm comply with Global Investment Performance Standards ( GIPS )? Emerging Managers Based on section 40 ILCS 5/ (4) of the Illinois Pension Code, the definition of an emerging investment manager is a qualified investment adviser that manages an investment portfolio of at least $10M but less than $10B and is a a minority owned business, female owned business, or business owned by a person with a disability as those terms are defined in the Business Enterprise for Minorities, Females, and Persons with Disabilities Act. 44. Does the Firm maintain a database of emerging investment managers? 45. Explain the Firm s approach for including emerging investment managers in manager searches. How many emerging managers have been recommended and ultimately selected in Please describe in detail the Firm s capabilities and philosophy on an emerging managers program. Should the client utilize emerging manager of managers for the program? If the program is led in-house, what are the steps the Firm can take to build a robust program? Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 10

11 Custody/Securities Lending/Foreign Exchange/Transition Management/Cash Management 47. Please describe the extent to which the Firm would assist the MEABF in conducting searches for custodians, securities lending agents, transition managers and cash managers? 48. Please describe the Firm s capabilities in terms of monitoring the performance of securities lending agents, foreign exchange brokers and transition managers. 49. Describe the Firm s ability to perform trading cost analysis. Legal, Regulatory & Ethical 50. In accordance with 40 ILCS 5/1-145 of the Illinois Pension Code, provide a statement that no Respondent shall retain a person or entity to influence the outcome of an investment decision or the procurement of investment advice or services of the Fund for compensation contingent, in whole or in part, upon the decision or procurement. 51. Explain the Firm s philosophy on the role of policies (investment and social) within a public pension plan. 52. Describe the levels of coverage for errors and omissions insurance and any other fiduciary or professional liability insurance the Firm carries. List the insurance carriers supplying the coverage and supply certificates evidencing the coverage. 53. Please provide a brief description of any past or pending regulatory action, litigation, or other legal proceedings involving the Firm or any registered employees and/or principals in the last five (5) years. For the purposes of this question only, Firm shall mean the Firm, the Firm s parent company or any Firm affiliate. 54. Please submit a copy of the Firm s employee ethics policy, code of conduct, or any similar policy. 55. Please submit any policy the Firm may have addressing conflicts of interest. 56. Has the Firm ever violated Rule 206(4)-5 (Political Contributions by Certain Investment Advisers) of the Investment Advisers Act of 1940? Technology 57. Does the Firm have a business continuity and disaster recovery plan? Please describe the key features of the plan, including offsite location, frequency of testing, and latest test results. Fee Proposal 58. Please provide the MEABF with the Firm s proposed all-inclusive flat fee. The all-inclusive fee should include all travel expenses and services. For the purposes of quoting a fee, a 5-year contract may be assumed. 59. Discuss the terms of the pricing schedule. 60. What is the billing frequency? The MEABF assumes all billing will be done in arrears. Provide a sample bill showing the level of detail that will be provided. Municipal Employees Annuity and Benefit Fund of Chicago Investment Consulting Services RFP 11